Since the roll out of our new Asset Care products over the summer, many of our current producers have been pleased by the new opportunities that have been created. Here are a few reminders: 1.) Our qualified money solution has been enhanced and rebuilt to maximize the long term care benefits while minimizing taxes. It … Continue reading Asset Care Recap of Highlights
On thing that we’ve found is that submitting business using electronic application (eApp) has provided advisors with a few advantages. Along with the an assurance that an application submitted electronically is "in good order" (aka IGO), there are four additional benefits: Comp is paid faster Business cycle by 5-7 days A smoother client experience Reduction … Continue reading E-Application Advantage
Last week, I shared my opinion about self-insurance. In reality, self-insurance is pure risk retention. Said another way, it is self-funding without any “stop-loss” provisions. At a minimum, reviewing the extended healthcare self-funding / risk retention strategy in conjunction with the client’s income plan is imperative to making it as solid as possible. Most importantly, … Continue reading Self-Funding isn’t Self-Insurance
Question: Do you have anything that outlines all of the ways to pay premiums for Asset Care and/or Annuity Care? Answer: We certainly do. The piece is a concise graph that shows the many ways that premiums can be funded. Two things to remember, for recurring premium Asset Care, the premium durations can be 5 … Continue reading Q&A – Funding Sources
Earlier this week, an advisor (we will call him Andy) called me with an interesting question. It went something like this: “I have a client – a single man who is in his early 60s and is unmarried whose parents both recently died after spending a ton of their money on assisted living and nursing … Continue reading Qualified Money for LTC
Live, Die, Quit – that has been the mantra for asset-based / linked benefit / hybrid Long Term Care solutions since their inception three decades ago. (Have I mentioned that only OneAmerica and one other carrier have that experience?) We often focus on the Live and Die scenarios. If you require care while you are … Continue reading Asset Care Return of Premium
The fastest way to impoverishment or to destroying a retirement income strategy or to impact multiple generations physically, emotionally, and financially is not an extended healthcare event. It is not adequately planning for such an event. According to retirementliving.com, the cost of memory care in 2019 is: Average memory care unit $5,745 per month Highest … Continue reading It’s Long Term Care for a Reason
Asset-based LTC, aka hybrid or linked linked benefit, have existed since 1988. OneAmerica stakes a claim to being the premier innovator of this space. There is only one other carrier who can make this claim. What they and the other carriers in the asset-based LTC arena cannot claim is the depth and breadth of solutions … Continue reading History of Innovation
Think about all of the people who own deferred annuities. Now think about how many are out of surrender and have no real purpose. Let our Annuity Care solutions provide new value to those old annuities. Here are a few points to consider when annuity discussions arise with clients. A majority of non-qualified deferred annuity … Continue reading Annuities – Think Leverage
Question: Is there a simple side-by-side comparison between the "old" Asset-Care and the "new" Asset Care features? Answer: There sure is - follow this link to the Asset Care Cheat Sheet.
Forbes published an article on April 16, 2019 that shared “Comparing The 3 Most Popular Retirement Income Strategies”. According to the article, there are three common approaches: Systematic Withdrawal Strategy Using this strategy, if you had $1,000,000, you could withdraw roughly 4% ($40,000) per year adjusted for inflation and would not run out of money. … Continue reading Income and LTC
Question: What inflation options exist for the "new" Asset Care? Answer: The inflation options that are offered are 3% compound and 5% compound for both the base and continuation of benefit rider (COB). Inflation can also be either lifetime or 20 years in duration. When inflation is elected for the base, that same inflation rate … Continue reading Q&A – Inflation for Asset Care
